Saudi stocks open higher amid Future Minerals Forum preparations: opening bell

RIYAD: The Saudi stock exchange opened the week of trading higher as investors wait for the Kingdom’s Futures Minerals Forum to kick off later this week.

At 10:15 a.m. KST, TASI, the main index, added 0.5% to 11,487 points, while the parallel Nomu market edged down 0.8% to 25,419 points.

Among the top five winners, Gulf mining champion Saudi Arabian Mining Co., known as Ma’aden, saw its stock price rise 2.4%, hitting SR82 ($ 21.8).

Saudi Cable Co. posted the highest gains at the start of the session, up 7%, after its request to reduce its share capital to SR 262 million was approved by the Capital Market Authority.

In the banking sector, Saudi Arabia’s largest bank by market cap, Al Rajhi Bank, rose 0.3% to SR143, and Saudi National Bank added 1.6% to SR68.6.

Kingdom oil giant Saudi Aramco edged up 0.3% to SR35.6.

Shares of Saudi National Co. for Learning and Education, or NCLE, rose 2.7% after a 378% increase in profits in the quarter ended November 30, 2021, compared to the same quarter a year ago .

Leading the losses, shares of Saudia Dairy and Foodstuff Co., or SADAFCO, fell 2.2%, despite the board’s proposal to pay SR3 per share for the first half of the year ended 31. March 2022.